Summary:

According to SIAM President Mr. Vinod Aggarwal, the Indian automobile industry generated US$ 238.32 billion (Rs. 20 trillion) in FY24, accounting for 14-15% of overall GST collections. During the 64th ACMA annual session, he emphasized the sector's significant role in employment and its 6.8% contribution to GDP. India is now the world’s third-largest market for passenger and commercial vehicles, and the largest for two and three-wheelers. The industry aims to reduce import content from 60% to 20% by 2025, having already achieved a 5.8% reduction. The focus is on producing high-tech components, particularly for electronics.

He praised the Ministry of Heavy Industries’ proposal for the third Automotive Mission Plan (2024-2047), which outlines sector growth in three phases: 2024-2030, 2030-2037, and 2037-2047. This plan will guide investments and policy alignment. ACMA President Ms. Shradha Suri Marwah highlighted the need to bridge skill gaps and maintain quality standards, calling for increased collaboration with educational institutions to meet the growing demand for electronics and semiconductors.

Source: IBEF

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